Introduction to the IQL scheme
Over the next three weeks, you’ll explore a large property development, the International Quarter London and hear from industry experts working on this project. Before you learn more about the process behind this huge development, let’s look at the case study in more detail.
The International Quarter London, (IQL) based in Stratford, London, UK, is being developed by Lendlease, a property and infrastructure company originating from Australia. The IQL is part of Europe’s largest urban development project and is next to the Queen Elizabeth Olympic Park – the home of the 2012 Olympics.
Map to show the location of Stratford within the Greater London area. Map taken from OpenMaps.
IQL plot map. © Lendlease (Click to expand)
The IQL is a large scale building project that focuses on regeneration. In this example, regeneration is defined as:
- improving the environment of a previously unused area
- attracting private investment and
- improving business confidence for further investment.
Watch Ben, the Managing Director of the IQL, discuss the role of property and how taking a carefully considered approach to developing a site can ‘create’ or ‘add’ value, by providing an attractive, healthy and sustainable environment for people to live, work and play in.
| Location and supporting infrastructure | The position of the site in relation to the wider urban area and the access to physical infrastructure (eg roads, public transport, energy supplies, broadband connections and water supply and drainage) and social infrastructure (eg schools, health facilities, leisure and community centres) |
| Interaction with stakeholders | The relationship with other people and organisations who impact on or who are impacted by the property development process. |
| The significance of timing and use of a phased approach | Any property development project takes time to conceive, design and build. The different tasks and stages need to be carefully coordinated in order to deliver the project effectively, efficiently and sustainably. |
| Implications of market dynamics | Property demand and supply is always changing, often in a cyclical way. This will affect the financial viability of the development scheme when individual units are sold or rented. Developers have to manage the timing and costs of a project to get the best market values possible. |
| The role of property in place-making | The type and quality of property affects how places function and what they look like. The quality of a place will ‘feedback’ and affect how much money people are prepared to pay to occupy property in that place. |
| Multiple definitions of value-creation | Property development creates different types of value. Economic profits are obviously important to many, but others may also value architectural qualities, environmental benefits (and costs) and spaces that encourage a sense of community. |
Glossary
Remember that there’s the A-Z glossary which includes definitions of key property-related words and phrases.
Pathways to Property: Starting Your Career in Real Estate
Pathways to Property: Starting Your Career in Real Estate
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